UPA to settle its debt to pharma players this fiscal year? The Unified Procurement Authority (UPA) will settle some EGP 43 bn in overdue payments to pharma companies during the current fiscal year, with the first tranche to be paid out next week, according to a statement seen by EnterpriseAM. The accelerated payment plan is the result of an agreement between the UPA and Cairo Chamber of Commerce’s medical supplies division following a meeting between division head Mohamed Abdo and UPA head Hisham Stait.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Where did the UPA find the funds to make this commitment? To help resolve the debt issue, the Finance Ministry raised the UPA’s allocations to EGP 100 bn, enabling the repayment plan, according to Abdo.

REMEMBER- Abdo told us earlier this week that medical supplies firms have been calling on the Madbouly government to help settle their dues owed by the UPA. This came shortly after government sources told us that the Finance Ministry had been mulling over a plan to pay off the UPA’s debt over a three-year period.

What the UPA owes: Around 50-60% of the debt stems from treatments offered at no cost at Health Ministry facilities, with the rest tied to treatment programs run by the universal ins. system and university hospitals — each entity will settle its debt from its own allocations.

Turning a fresh page: Stait pledged to ensure the UPA pays suppliers within 90 days of delivery moving forward, supported by an electronic system that lets companies upload delivery documents online for faster processing and approval.

Tags: